Press Releases | Page 15 of 17 | Matrix Capital Markets Group

Matrix Announces the Successful Sale of Jones & Frank Corporation

RICHMOND, VA - December 21, 2009 - Matrix Capital Markets Group, Inc. announced today the sale of Jones & Frank Corp. to an investor group that was led by BB&T Capital Partners and included Parkway Capital Investors and the company’s former owners and existing management team. Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, respectively. Jones & Frank Corp., founded in 1945 and based in Norfolk, Virginia, is a leading provider of petroleum equipment and services to the retail and commercial segments of the petroleum industry along the East Coast. Matrix Capital Markets Group served as exclusive financial advisor to Jones & Frank. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp.

Sterling Baker, CEO, noted that, “This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees.” O.L. Everett, former majority shareholder, added, “We hired Matrix Capital to execute a formal process and were very pleased with the results. BB&T Capital Partners emerged as the best choice to support the company’s continued growth and profitability.”

“BB&T Capital Partners is excited to partner with Sterling Baker, CEO, and the Jones & Frank team. Jones & Frank has a long tradition of providing high quality service and support to its customers, which has led to strong, long-standing customer relationships,” commented Martin Gilmore, Partner at BB&T Capital Partners. “This transaction will provide significant capital for continued growth, and in particular, an active industry consolidation strategy. We believe that there is significant opportunity in the fuel equipment distribution and service sector, as shifting demands, stiffening regulatory requirements and new technology drive continual change.”

Mike Morrison, Managing Director and Principal of Matrix Capital Markets Group, commented, “Jones & Frank’s consistent performance and strong management team enabled us to attract strong interest for this recapitalization. We are excited to see O.L. Everett and Sterling Baker begin a new partnership with an investor that understands the industry and shares their vision.”

In 2008, Jones & Frank won Gilbarco/Veeder-Root’s “Southern Distributor of the Year” award for its outstanding sales performance. The company employs over 200 employees. To learn more about Jones & Frank, visit their website at www.jones-frank.com.

About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Hunter Hotels and Matrix to Provide Unique Advisory Services to Lodging Companies with Distressed Assets

RICHMOND, VA - October 6, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) and Hunter Hotels (“Hunter”) are pleased to announce that they will partner to provide advisory solutions to lodging companies with financially distressed hotel properties. The broad array of services provided by the partnership will include the restructuring of debt, corporate recapitalization and/or the sale of some or all of the assets.

Matrix and Hunter have successfully advised on the sale of hotels for over 30 years, as well as numerous transactions involving financially distressed companies operating in or outside of bankruptcy. Having managed these distressed asset sales, many under Chapter 11 of the U.S. Bankruptcy Code, and with unmatched hotel industry expertise and contacts, Hunter and Matrix will be able to advise operators on the complex issues they face as they seek to de-leverage their businesses.

Tom Kelso, a Managing Director and Principal at Matrix, said “We are excited about the advisory services that we will be able to offer through our partnership with Hunter Hotels. Our combined experiences and skill sets will provide a unique solution to help hotel owners preserve or realize as much value for their properties as possible.”
Hunter Hotels’ President Teague Hunter expressed great enthusiasm for the joint venture. "The continued stress in our industry has created a need for financial restructuring at many different companies. Matrix's long history of advising firms through difficult times, and our long history of advising hotel investors, together will give our clients access to the resources they need to thrive in the current environment."

About Hunter Hotels
Hunter Hotels, founded in 1978, has offices in Atlanta, Washington, D.C., Minneapolis and Dallas. The firm’s exclusive focus is in hotel brokerage and financing.

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, VA. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

Matrix Formalizes Strategic Planning and Corporate Valuation Services for Clients

BALTIMORE, MD - October 1, 2009 - Matrix Capital Markets Group, Inc.’s Energy and Multi-Site Retail Group (EMR) announced today that it will now formally offer Strategic Planning and Corporate Valuation consulting services in addition to the other investment banking services it currently provides. These services are designed to assist petroleum marketers and convenience store companies with their long range financial planning. Matrix has always provided these services upon request, but has decided to formalize the offering due to increased demand. Matrix already provides merger and acquisition advisory and execution expertise for both sell-side and buy-side transactions and capital raising and corporate restructuring services.

Matrix’s Strategic Planning and Corporate Valuation services team will be led by Spencer P. Cavalier, a Director at Matrix. Mr. Cavalier is a CFA Charterholder and designated as an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition to Mr. Cavalier, Cedric Fortemps, Vice President, Matt Murphy, Associate, and Vance Saunders, Associate will also be providing expertise in this area. Mr. Fortemps and Mr. Murphy also hold the very prestigious CFA designation, and Mr. Saunders is a CPA. Matrix’s EMR Group offers its clients over 100 years of combined investment banking and operational experience and has completed over 50 M&A transactions in the petroleum marketing and convenience store industry.

For companies that may be considering a transaction in the next few years, Matrix’s Strategic Planning services will aid shareholders in maximizing future equity value. In most cases, this involves positioning the business in the most appealing way to potential buyers prior to a sale. Matrix will conduct an external assessment of the business to ensure that the client is focusing on the key drivers that will increase exit price and identify weaknesses a buyer would highlight during the due diligence process. Strategic planning includes valuation, a growth strategy, an operational improvement plan, and an assessment of how different buyers will value the business and position it accordingly. Matrix will identify and value potential synergies for buyers as well as identify risk factors and recommend ways to manage and reduce these risks so that they do not reduce the future transaction value.

Matrix will provide business valuation services to companies and their underlying securities, including common equity, partnership and limited liability company interests, convertible and preferred securities, options, warrants, and debt instruments. Both informal and formal valuations are provided for the following purposes: long and short-term corporate planning, solvency and capital adequacy opinions, fairness opinions, buy-sell agreements, financial acquisition/divestiture, strategic acquisition/divestiture, take private transactions, estate and gift tax planning, and estate settlement. The Firm’s valuation work is supported by extensive transactional and operational experience, allowing it to assess complex transactions.

Tom Kelso, Managing Director and Principal at Matrix remarked, “These services are a natural extension of our long-term commitment to assisting petroleum marketers and convenience store companies build and realize substantial value for their companies. Having three CFA Charterholders, a person with valuation certifications and a CPA all on one dedicated team is highly unusual in the world of middle-market investment banking. We are very pleased to offer their expertise to our clients.”

About Matrix’s Energy & Multi-Site Retail Group
Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. Matrix’s dedicated group has successfully advised on over 50 transactions in these sectors.

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

Matrix Announces Uni-Marts Bankruptcy Results

BALTIMORE, MD - September 24, 2009 - Kwik Pik, LLC, (“Kwik Pik”) an affiliate of Lehigh Gas Corporation and other various parties were named the successful bidders of the Uni-Marts’ assets for a total of approximately $19.6 million plus assumption of certain of the Debtor’s liabilities in an auction managed by Matrix Capital Markets Group, Inc. (“Matrix”). The auction, which was held in Wilmington, DE on September 23rd, featured highly organized and competitive bidding that lasted nearly fifteen hours with over 200 participating bidders.

Kwik Pik’s Stalking Horse Bid, which was approved by the Delaware District of the U.S. Bankruptcy Court earlier this month, established $16.7 million purchase price for 207 Uni-Marts’ assets of which $10.0 million was allocated to assets in Ohio and $6.7 million was allocated to assets in Pennsylvania and New York. The final purchase price for the assets of approximately $19.6 million represents a 17% improvement to the Stalking Horse Bid. Kwik Pik won the auction for the Ohio assets for $10.0 million, while Kwik Pik and twenty-five other successful bidders combined to push the value for the Pennsylvania assets to $9.6 million, which represents an improvement of 43%. In addition to the cash proceeds successful bidders are assuming a substantial portion of the debtor’s liabilities, which further improves the value to the Debtor’s estate.

Tom Kelso, managing director and principal of Matrix, commented, “We are extremely pleased to have the opportunity to work with the Debtor to deliver maximum value for the assets to Uni-Marts’ creditors. We developed and executed a customized sales process that covered over 200 assets across three states that was successful in selling every asset and providing a very substantial return to the creditors.” The sales are subject to the approval by the U.S. Bankruptcy Court and are expected to close during the middle of November.

Matrix Announces Details Related to Uni-Marts Stalking Horse Bid

BALTIMORE, MD – September 8, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) has provided further details on the Uni-Marts Bankruptcy Stalking Horse Bid. Kwik Pik, LLC (“Kwik Pik”), an affiliate of Lehigh Gas Corporation, was approved as the Stalking Horse Bidder in the Uni-Marts Bankruptcy Asset Sale by the Delaware District of the U.S. Bankruptcy Court last week.

As previously reported, the Kwik Pik Agreement (“Agreement”) provides for a purchase price of $10 million for the Ohio assets and $6.7 million for the assets located in Pennsylvania and New York. The proposed transaction should close towards the end of October if Kwik Pik is declared the ultimate winner at the conclusion of the auction process.

Under the Agreement Kwik Pik is obligated to close the transaction at those values or higher as the Agreement is “as is where is” without any environmental, financing, or other contingencies. Additionally, no purchase price reductions are permitted as Kwik Pik has waived the rights to any further due diligence. Kwik Pik is also subject to forfeit a $500,000 escrow deposit if they do not close on the transaction.

The Agreement also provides the estate with an opportunity to increase the value above $16.7 million. Under the Agreement, single store and small group bidding will be permitted on all of the Uni-Marts assets. There are one-hundred and thirtyone assets included in Kwik Pik’s “all or none” provision while seventy-six assets are not covered by the “all or none” provision ensuring prospective buyers who are interested in acquiring one or two stores that they can compete for the asset(s) without facing the constraints of an “all or none” bid.

Minimum Bids for the assets have been adjusted to conform with the Kwik Pik Agreement. The total for all of the Minimum Bids in Pennsylvannia and New York has been revised to $6.8 million, which includes the $6.7 million purchase price plus a $100,000 break-up fee if Kwik Pik is not selected as the winner at auction. The net adjustment is reflected in the Minimum Bids for the fuels distribution assets, which have been revised down from $1.28 million to $876,000. The total of the Minimum Bids for the Ohio assets remains $8.6 million.

Tom Kelso, managing director and principal of Matrix, noted “this sale process, like all sale processes run by Matrix, is developed to maximize the value for the assets included in this particular sale and is not a one size fits all process. The Kwik Pik Agreement allows us to create an auction process designed to ensure we have a competitive auction and to maximize the value for the company’s creditors.” The live auction is scheduled for September 23, 2009 in Wilmington, Delaware.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Matrix Successfully Advises Committee of Unsecured Creditors of Crescent Oil Company

RICHMOND, VA - August 21, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce that it has successfully advised the Official Committee of Unsecured Creditors (the Committee”) of Crescent Oil Company, Inc., et al. (“Crescent”) in Crescent’s Chapter 11 Bankruptcy Case in the Kansas City Division of the District of Kansas’ U.S. Bankruptcy Court (the “Court”).

Matrix was engaged by the Committee to ensure that the highest and best price would be obtained through the sale process being executed by the Debtor. As a leading expert on the sale of retail and wholesale gasoline distributors and convenience store chains in the United States, from having advised on over 50 transactions in the industry, Matrix consulted with the Committee on matters relating to valuation, prospective buyers, sale process, contract negotiations, auction process, and the selection of the winning bidder.

In 2008, Crescent sold over 237 million gallons of motor fuels through wholesale and consignment fuels supply contracts with dealers and sold over 47 million gallons of motor fuels and $15 million of merchandise through its retail stores. Crescent operates retail stores and distributes fuels in Kansas, Oklahoma, and Missouri. An auction for Crescent’s assets was held on August 13th, 2009 in Kansas City, Missouri which resulted in multiple rounds of competitive bidding. On August 14th, 2009, the Court approved the sale of substantially all of the Debtor’s assets through an offer submitted by Florida Sunshine Investments I, Inc. and Jeff Greene. The transaction is expected to close on or before September 4, 2009.

Tom Kelso, a Managing Director and Principal at Matrix, said “We are extremely pleased our efforts in this Case significantly helped the Debtor in obtaining an offer that, when it closes, will result in excellent value for its assets.” Other professionals representing the Official Committee of Unsecured Creditors in the Case include Francis Lawall, Pepper Hamilton LLP, counsel to the Committee, and Monty Kehl, Mesirow Financial Consulting LLC, financial advisors to the Committee.

About Matrix’s Energy & Multi-Site Retail Group
Matrix Capital Markets Group, Inc.’s Energy & Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. These sectors include companies such as convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Affiliate of Lehigh Gas Corp. Selected as Uni-Marts Stalking Horse

BALTIMORE, MD - August 17, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) announced today that Kwik Pik, LLC (“Kwik Pik”), an affiliate of Lehigh Gas Corporation, has been selected as the Stalking Horse Bidder in the Uni- Marts Bankruptcy Asset Sale. A motion to approve Kwik Pik as the Stalking Horse has been filed in the Delaware District of The U.S. Bankruptcy Court (“Court”). A hearing to approve the motion is scheduled for September 3, 2009. Additionally, the last date for submitting bids has been extended to September 16, 2009 with a live auction to follow a week later on September 23, 2009.

The Kwik Pik Agreement (“Agreement”) provides for a purchase price of $10 million for the Ohio assets and $6.7 million for the assets located in Pennsylvania and New York. The Sale Procedures in this case allow bidders to bid on the entire company, groups of assets and on individual stores. Under the Agreement approximately seventy (70) of the assets in Pennsylvania and New York will be offered to individual store buyers if offers meet certain value requirements without any “all or none” restrictions. Tom Kelso, a managing director of Matrix, elaborated, “The Kwik Pik Agreement provides the Debtor with a high degree of flexibility that provides the opportunity to truly maximize the value of the assets in an auction process where single assets and smaller groups of assets are available for sale.”

Asset Purchase Agreements for single assets and smaller groups of assets are available for prospective buyers through Matrix. Only qualified bidders, those that have fulfilled the Bid Requirements as defined in the Court approved Auction Procedures and submitted offers by the bid deadline of September 16, 2009, will be invited to attend the auction on September 23, 2009.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Matrix Announces Promotion of Spencer Cavalier to Director

RICHMOND, VA – August 13, 2009 - Matrix Capital Markets Group, Inc. is pleased to announce that Spencer P. Cavalier, CFA has been promoted to Director of the Firm’s Energy and Multi-Site Retail Group (EMR). Over the past ten years, Mr. Cavalier has co-managed many successful merger and acquisition transactions, capital raises, restructurings, and valuations. Most recently, he co-managed two successful sell-side advisory assignments, the sales of Herndon Oil Corporation and Peterborough Oil Company, Inc., during a challenging M&A environment. He has also been actively involved in overall business development for the Firm, and has been instrumental in helping to establish the Matrix EMR Team as one of the top financial advisory groups in the energy and multi-site retail industry.

Tom Kelso, a Managing Director and Principal at Matrix, said “Mr. Cavalier is an exceptionally accomplished investment banker and this promotion is long overdue and richly deserved. His efforts have resulted in exceptional value to our clients.”

Prior to joining Matrix, Mr. Cavalier was a senior business valuation consultant with Ellin & Tucker, Chartered, a nationally recognized business valuation, consulting and accounting firm and a commercial lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. He is qualified as a Series 7 and Series 63 FINRA General Securities Representative. Mr. Cavalier holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University. He is actively involved with The Bennett Institute’s Physically Challenged Sports Program at Kennedy Krieger and previously served on the Board of Visitors for University of Maryland's Hospital for Children and the Board of Directors for The CollegeBound Foundation.

Matrix Capital Markets Group Announces the Successful Sale of Convenience Stores and Travel Centers for Herndon Oil Corporation

RICHMOND, VA – June 30, 2009 - Matrix Capital Markets Group, Inc. (Matrix) announced today the successful sale of thirty-eight (38) operating convenience stores and travel center units, along with one (1) additional fee simple property, owned by Herndon Oil Corporation (Herndon) to The Pantry, Inc. (NASDAQ: PTRY). The units sold comprised Herndon’s Mobile, Alabama – Pensacola, Florida marketing division and were located in Alabama (31), Florida (6), Louisiana (1), and Mississippi (1). Herndon, based in Abbeville, AL, will continue to operate its remaining convenience store assets located in the Dothan, AL region.

Matrix provided merger and acquisition advisory services to Herndon, which included valuation advisory, asset marketing through a structured sale process, and negotiation of the transaction. Herndon directly operated all of the assets, consisting of thirty-two (32) fee simple units and seven (7) leasehold units. Headquartered in Sanford, N.C., The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. With the acquisition of the Herndon units, The Pantry operates approximately 1,679 stores in eleven (11) states under select banners, including Kangaroo Express®, its primary operating banner.

David Herndon, Chief Executive Officer of Herndon commented, “The Matrix team did a great job of representing us throughout the entire process, and I would not hesitate to recommend them to anyone considering their services in the future.”

Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President and Matt Murphy, Associate, managed the transaction. Mr. Kelso added, “The Pantry’s acquisition team did an excellent job of working with our client to complete a successful transaction which was truly a win-win for both parties. We have had a long-term relationship with David Herndon, and it was an honor to represent him in this significant divestment.”

Matrix’s Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements.

Matrix's Energy & Multi-Site Retail Group Announces the Successful Sale of MAPCO's East Coast Branded Convenience Store

RICHMOND, VA - May 15, 2009 - Matrix Capital Markets Group, Inc. today announced the successful sale of certain convenience store assets on behalf of MAPCO Express, Inc., a subsidiary of Delek US Holdings. As of Mar. 31, 2009, 24 of MAPCO’s East Coast branded convenience stores had been sold.

All of the East Coast branded stores, which MAPCO acquired in 2001, are company operated and located in Central and Eastern Virginia. Matrix was engaged to structure and manage a confidential, competitive, sale process. The marketing process resulted in the sale of ten (10) stores to one large regional convenience store chain. The remaining stores were sold to various other parties.

Tom Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team at Matrix Capital stated, “We are very pleased to have advised MAPCO on this transaction which resulted in the successful sale of most of their Virginia-based retail locations.”

Cedric Fortemps, a Vice President at Matrix, continued: “As the leading convenience store M&A advisor in the country, we were able to leverage our breadth of knowledge and contacts to facilitate the sale in a timely and efficient manner.”

About MAPCO Express
MAPCO Express, Inc., is a division of DELEK US Holdings, Inc. With headquarters in Brentwood, Tenn., DELEK US operates more than 450 convenience stores under the MAPCO Express®, MAPCO Mart®, East Coast®, Discount Food Mart™, Fast Food and Fuel™, and Favorite Markets® brand names. Stores are located primarily in and around Memphis, Chattanooga and Nashville, Tennessee, northern Georgia and northern Alabama.

Matrix Joins the Petroleum Marketers Association of America

RICHMOND, VA - February 26, 2009 - Matrix Capital Markets Group, Inc. is pleased to announce that it has joined the Petroleum Marketers Association of America (PMAA) as a National Partner. According to Tom Kelso, a Managing Director & Principal at Matrix and head of the firm’s Energy and Multi-Site Retail Team, “Joining PMAA reflects our continuing support of petroleum marketing and convenience store organizations throughout the United States. We are particularly excited about the opportunity to partner with PMAA and the great work they are doing to advance the issues critical to petroleum marketers.”

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

Matrix Announces Two Key Personnel Moves

RICHMOND, VA - February 19, 2009 - Matrix Capital Markets Group, Inc. is pleased to announce that Vance Saunders has been promoted to Associate in the firm’s Energy and Multi-Site Retail Group. Mr. Saunders has been with Matrix since July, 2006 and has worked on a number of successful transactions including Huffman Oil Company, Rennie’s, C.R. Quesenberry, Neighborhood Convenience, Zoots and East Coast.

In addition, Matrix is pleased to announce that Kimberly Wagner has joined the firm as an Analyst in the firm’s Energy and Multi-Site Retail Group. Ms. Wagner is a 2008 graduate of the McIntire School of Commerce at the University of Virginia. With the addition of Ms. Wagner, the firm’s Energy and Multi-Site Retail Group now includes seven dedicated professionals and one full-time support person.

Matrix Capital Announces the Successful Sale of ASAP Industries, LLC

RICHMOND, VA – January 13, 2009 – Matrix Capital Markets Group, Inc. announced today the sale of ASAP Industries, LLC to an investor group led by Hudson Ferry Capital, LLC and the company’s existing management team. ASAP Industries, based in Houma, Louisiana, is an American Petroleum Institute certified company that manufactures and refurbishes equipment used in the drilling and production of oil and natural gas. Matrix served as exclusive financial advisor to ASAP Industries on the transaction.

“I believe that without Matrix’s expertise, there would have been no way to get this transaction done in the market we were contending with, especially given our tight deadline of a year-end closing. The end result was a win-win for both ASAP and Hudson Ferry,” said Timmy Deroche, CEO of ASAP Industries. “Thanks to all the guys at Matrix, but a special thanks to Bill Kerkam, Jeff Moore and Bruce Smith for all of their hard work. They were tireless in their efforts to ensure we were well represented and provided us with sound advice throughout the entire process.”

“ASAP Industries is a unique company with special capabilities and relationships. We see numerous avenues for growth in the years ahead,” said Bruce Robertson, Partner of Hudson Ferry.

The Matrix team was led by Jeff Moore, Managing Director and Bill Kerkam, Vice President. “Under the guidance of a strong financial partner like Hudson Ferry, Timmy Deroche and his management team are now able to pursue more aggressive growth strategies and further broaden their product channels,” commented Kerkam. “We are all very pleased with the results of this transaction, particularly given the volatility in the commodities and credit markets.”

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Matrix Capital Markets Group Sponsors Charity Event in Virginia Beach, VA

Richmond, VA - September 13, 2008 - Matrix Capital Markets Group is proud to sponsor the 21st Annual Virginia Beach Polo Benefit “Chukkers for Charity”.

The two day event kicked off with a black tie Players Party the evening before the match at the Signature at West Neck Golf Club in Virginia Beach, Va. The next day gates at Alpha Omega Farm opened at 2:00 pm with the first match beginning at 3:30 pm. Everyone enjoyed an afternoon of tailgating, networking and connecting with friends both old and new. An award and trophy ceremony followed and the festivities continued later that evening with a barbeque dinner.

“Matrix is proud to support the charities that serve the business communities near where we work and live. The event was a huge success and we certainly look forward to next year,” said Mike Morrison, Managing Director & Principal at Matrix.

Patrons Party Proceeds from the event went toward supporting the Hope House Foundation and the Kiwanis Children’s Charities.

The Hope House Foundation provides individualized supported living services for and with adults with developmental disabilities in their own homes and apartments. Kiwanis is a global organization of volunteers that helps shelter the homeless, feed the hungry, mentor the disadvantaged and care for the sick. Matrix is proud to participate in the event and support these worthwhile organizations.

Matrix Capital Markets Group Celebrates 20 Years, Continues Growth

RICHMOND, VA – July 17, 2008 – When Matrix first opened its doors as an M&A advisory firm over 20 years ago, our main focus was a commitment to excellence, passion for what we do and building long-lasting, solid relationships with our clients. Today, those principles still hold true. Over the years we have exceeded the expectations of hundreds of clients and have maintained a closure rate of 90%+.

This year has also been more than just a celebration of two decades in business. Despite a soft financing market, Matrix continues to flourish. After closing nine transactions in the first six months of this year (including two sell side assignments last month), the first half of 2008 has proven to be quite remarkable.

We have also been fortunate to have our success continue in the recruiting field as well. Kevin White recently joined the firm as a Vice President. Kevin brings with him over eleven years of experience in the M&A and corporate development field - more recently with Circuit City and BB&T Capital Markets. John Cudzik also recently joined as a Director to enhance the firm’s Building Materials & Allied Products’ practice. He has over 75 transactions to his credit and over 19 years of corporate finance experience. John spent the last eight years with Ferguson Enterprises, a subsidiary of Wolseley, a leading supplier of construction products, materials and services across Europe and North America, with sales of over $30 billion. We are continuing our recruiting efforts and look forward to adding additional senior level professionals to our team. Other additions include Cara Grealis in Marketing and Kim Wagner as part of our Energy & Multi-Site Retail Group.

Our continued dedication to our clients through senior level attention, creative and critical thinking, as well as our unparalleled attention to detail has made the company what it is today. In 2001, Matrix was purchased by MONY/AXA Financial (NYSE:AXA) to serve as its “in-house” M&A investment banking arm for its high net worth and institutional clients, and in 2005 was repurchased by the senior management team at Matrix. Those team members include our managing directors who have been with the firm for over 13 years on average and our vice presidents, who have an average tenure of over seven years. This investment by management marked a real commitment to see the company grow and prosper.

Jeff Moore, President of Matrix commented, “As we reflect back over the past 20 years, I am reminded of how unique our corporate culture is. We take the time to truly understand the needs of our clients well in advance, and in many cases, years in advance of an actual transaction. We know what is at stake and provide honest and straight forward advice; that type of commitment is the foundation for many of the close client relationships that we still maintain today. Our success is a direct reflection of those relationships and we sincerely appreciate the trust that our clients have placed in us. We look forward to another successful 20 years.”

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Matrix Capital Announces the Successful Sale of 68 Convenience Store and Dealer Assets for Peterborough Oil Company, Inc.

RICHMOND, VA – June 19, 2008 - Matrix Capital Markets Group, Inc. announced today the successful closing of sixty-eight (68) convenience store and dealer assets owned by Peterborough Oil Company, Inc., a Leominster, Massachusetts based owner and operator of retail petroleum marketing outlets and convenience stores branded as Mr. Mike’s in Massachusetts, New Hampshire and Maine. Peterborough is exiting the petroleum marketing and convenience store industry.

In the fall of 2007, Matrix began marketing the assets through a structured sale process. Peterborough directly operated twenty-nine (29) units, and supplied motor fuels to ten (10) commissioned agents and twenty-nine (29) open dealers. Fee simple real estate interests were conveyed for thirty-four (34) units. All of the assets were purchased by Alliance Energy, LLC. Alliance is one of the largest petroleum marketing and convenience store operators in New England, distributing motor fuels to approximately 500 locations in seven (7) states from Maine to Pennsylvania.

Joseph Hart, President of Peterborough commented, “We were extremely pleased with the guidance Matrix provided us in evaluating our assets and exit strategy. More important, however, was their advice in managing the process from beginning to closing. We could not be more satisfied with their professionalism and expertise.”

Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President and Matt Murphy, Associate, managed the transaction. Mr. Kelso added, “We were very proud to have been selected by Peterborough to manage this transaction, and we are extremely pleased with the results achieved for our client.”

Matrix Capital Announces the Successful Sale of The Sharon Companies, LTD.

RICHMOND, VA – June 9, 2008 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of The Sharon Companies, LTD. to Worthington Integrated Building Systems, a subsidiary of Worthington Industries (NYSE:WOR). The Sharon Companies, LTD., established in 1963 and based in Akron, OH, designs and manufactures steel egress stair systems for commercial construction markets. With a national brand, strong management team and experienced sales network, Sharon has experienced significant growth over the last few years and will complement the commercial and framing solutions offered through Worthington Integrated Building Systems. Sharon was previously owned by Willow Grove, PA based Alliance Holdings, Inc., an employee-owned holding company that is organized as an ESOP with diverse industrial holdings. Matrix served as exclusive financial advisor to Alliance Holdings on the transaction.

“This is a great fit for Worthington as we look to bring a package of solutions to the architectural community through our framing system, Dietrich building products and now Sharon Stairs,” said Ralph Roberts, President of Worthington-IBS.

Sharon President Charles J. Rowe, Jr., sees the opportunity to grow the 40-year old business not only through Worthington-IBS channels, but also through other possibilities within Worthington. “We see synergies across the company in the market served and existing customer base, as well as sharing best practices in manufacturing and fabricating. We’re taking two strong brands and bringing them together to maximize our efforts and offer better building solutions for all of our customers,” said Rowe.

Ken Wanko, Director of Acquisitions for Alliance Holdings, added “We are pleased that Sharon will continue its success under the Worthington banner. Through the broad, well-managed process run by Matrix, we were able to identify the most appropriate partner for Sharon’s next phase of growth.”

Mike Morrison, Managing Director and Principal of Matrix, commented, “This transaction allows Chuck Rowe and his team to pursue more aggressive growth under the auspices of a very entrepreneurial parent company like Worthington and provides comfort to Alliance (seller) that its former employees have a secure future. All parties share in a ‘win’ scenario here.” Sharon’s Drop-In Stair system is a pre-engineered, universally recognized solution to conventional site-built stairways serving diverse commercial end markets including, office, hotel, casino, and stadium. The Company employs approximately 180 non-union employees. Visit their website at www.SharonStair.com.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

Matrix Capital Markets Group’s Energy & Multi-Site Retail Team Closes Five (5) Transactions in First Quarter of 2008

RICHMOND, VA – April 29, 2008 – Matrix Capital Markets Group’s Energy & Multi-Site Retail Team, led by Managing Director, Tom Kelso, successfully completed five advisory assignments in the first quarter of 2008. “Due to the hard work and dedication of our team, we had an amazing first quarter. We look forward to continuing that success throughout 2008,” said Kelso.

- C.R. Quesenberry, Inc., a leading petroleum marketing and convenience store company, headquartered in Abingdon, Virginia with stores throughout Southwest Virginia and Eastern Tennessee. Matrix executed a confidential, competitive sale process that resulted in definitive offers from six different strategic bidders for all of the Company’s stores. The result was a successful closing on January 11, 2008 to a strategic buyer that asked to remain anonymous. “Matrix helped us to achieve the maximum value for our assets, which we could not have realized without their involvement. Matrix’s process allowed us to show our assets to multiple strategic buyers, with the least amount of disruption to our business, in a relatively short period of time,” said Richard Quesenberry, President of C.R. Quesenberry, Inc.

- Rennie Petroleum Corporation, a Virginia-based operator of convenience stores and a motor fuels distributor. Matrix served as the exclusive financial advisor for the Debtor, Rennie Petroleum, in its Chapter 11 Bankruptcy Case. Matrix developed and executed a formal marketing and competitive sale process that led to a sale of the assets to Zota Petroleums, which closed in January, 2008.

- Neighborhood Convenience, Inc., an Eastern Virginia based convenience store chain trading as Little Sue. Matrix was able to execute a completely confidential, competitive sale process that resulted in a sale of the stores to 7-Eleven, Inc. The transaction closed on January 18, 2008. Former owner, John Steele commented on the sale, “The Matrix Team did an exceptional job and I could not be more pleased. They came highly recommended and lived up to their reputation.”
- Huffman Oil Company, Inc., a Burlington, North Carolina based motor fuels distributor and convenience store chain trading as Huff’s Neighborhood Store. Matrix represented Huffman Oil in the sale of 28 of its retail convenience stores and petroleum marketing outlets. Matrix developed and executed on a formal marketing process that allowed potential buyers to purchase individual stores or groups of stores. The process resulted in the sale of 16 stores to Quality Oil Company and the other 12 to various strategic and individual buyers. The majority of the closings occurred in February and March. "After considerable research, we settled on Matrix to represent us and feel we could not have made a better selection. They did a great job of keeping the process moving in a positive direction and we were extremely pleased with the outcome," said James Barnwell, President of Huffman Oil Company.

- Zoots Corporation, a national dry cleaning chain headquartered in Massachusetts with over 70 stores and 90 home delivery routes in 12 states operating under the Zoots and Widmer’s trade names. Matrix developed and executed on a sale process that allowed potential buyers to submit offers on Zoots in its entirety or on single or multiple geographic networks of the chain. The process resulted in a sale of the Portsmouth, VA network to U.S. Drycleaning Corp. and the other four networks to various strategic buyers and management.